MONEY CLEARANCE AND SETTLEMENT 391 
Actual Entries on Members’ Record Sheets.— The work 
of money clearance performed by the Day Branch centers on 
the record sheets kept for its members in its eleven cages. As 
members establish credits, they are so entered there under 
“Actual Cr.”—and as they incur debits these are similarly 
entered there under “Actual Dr.” 
Under the scope of operations which the Stock Clearing 
Corporation now enjoys, its members may be credited or 
debited on their record sheet accounts: (1) when security de- 
liveries are made or received, in both cleared and non-cleared 
securities; (2) when security collateral loans are made, or 
when they are paid off, or their collateral is withdrawn from 
the cage; and (3) when special settlements are effected in 
“when issued” securities. Each of these sources for credits or 
debits on the members’ record sheets must next be examined, 
to see just how they are established. 
Actual Credits and Debits for Security Deliveries.— 
Before the establishment of the Central Delivery Department, 
the deliverer (as we have seen’) used to make his delivery of 
security certificates at the office of the receiving member, who 
threupon signed both the “credit” and “charge” portions of 
the “delivery ticket.” The deliverer’s messenger then took 
these signed tickets to the receiving window of the Stock Clear- 
ing Corporation at 14 Broad Street; the time of its arrival 
there was stamped on the detachable stub of the “credit” ticket 
and given to the messenger as a receipt. (While the corre- 
sponding stub of the “charge” ticket was kept for delivery to 
receiving members, the latter rarely took the trouble to collect 
them, since such receiving members already had possession of 
the actual security certificates involved by the delivery.) The 
Corporation clerks, on receipt of the “credit” and “charge” 
delivery tickets, then tore them apart; the “credit” ticket was 
then sent to the cage where the delivering member's account 
was kept, and the “charge” ticket to that where the receiving 
0 See Chapter XIII. p. 347